Ovid Therapeutics Inc. (OVID): restructuring charge — Ovid Therapeutics cuts workforce by 43%, two executives depart

Ovid Therapeutics Inc.

Workforce reduced by 17 employees (~43% of headcount); one-time severance charge of ~$4.0M; substantially complete by Q3 2024.
General Counsel Thomas Perone and COO Jason Tardio depart effective July 11, 2024; consulting transition arrangements planned.
Cash runway extended into first half of 2026 due to cost savings from workforce reduction.

item 2.05 item 5.02 item 7.01

Executive movements

Machine-extracted from this filing. Every card cites the SEC source. See all recent executive movements.

Departed

Jason Tardio

Chief Operating Officer

OVID · Ovid Therapeutics Inc.

Filed: June 28, 2024, 7:59 PM ET

Jason Tardio will cease serving as the Company’s Chief Operating Officer.

Departed

Thomas Perone

General Counsel, Chief Compliance Officer and Corporate Secretary

OVID · Ovid Therapeutics Inc.

Filed: June 28, 2024, 7:59 PM ET

on the Separation Date, Thomas Perone will cease serving as the Company’s General Counsel, Chief Compliance Officer and Corporate Secretary

Key facts

Extracted from this filing and checked against the source text.

Executive change SEC 8-K Item 5.02 confidence 0.95

Jason Tardio departed as Chief Operating Officer at Ovid Therapeutics Inc..

Action: will cease serving
Role: Chief Operating Officer

Exact text from the filing

Jason Tardio will cease serving as the Company’s Chief Operating Officer.

View on SEC.gov

Executive change SEC 8-K Item 5.02 confidence 0.95

Thomas Perone departed as General Counsel, Chief Compliance Officer and Corporate Secretary at Ovid Therapeutics Inc..

Action: will cease serving
Role: General Counsel, Chief Compliance Officer and Corporate Secretary

Exact text from the filing

on the Separation Date, Thomas Perone will cease serving as the Company’s General Counsel, Chief Compliance Officer and Corporate Secretary

View on SEC.gov

Restructurings & Charges SEC 8-K Item 2.05/2.06 confidence 0.9

Ovid Therapeutics Inc. announced a restructuring with charges of approximately $4.0 million (17 people, or approximately 43% of the Company's existing headcount).

Type: restructuring
Charge: approximately $4.0 million
Headcount: 17 people, or approximately 43% of the Company's existing headcount

Exact text from the filing

of a general release of claims against the Company. The Company anticipates a one-time severance-related charge associated with the workforce reduction to be approximately $4.0 million, which represents cash expenditures related to employee severance and notice period payments, benefits and related costs that the Company expects to incur in connection with the

View on SEC.gov

6 restructurings & charges filed in the last 30 days. Browse all restructurings & charges →

Ovid Therapeutics Inc. filing history →

Source: SEC EDGAR

accession 0001193125-24-172225

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